MILPITAS, Calif., May 3 /PRNewswire-FirstCall/ -- California Micro
Devices (NASDAQ:CAMD) today announced financial results for the
fourth quarter of fiscal 2007, which ended March 31, 2007.
Consistent with guidance, revenue was $15.5 million compared to
$17.4 million a year ago. On a GAAP basis, and also in line with
guidance, the company reported a loss of $0.01 per share compared
to diluted EPS of $0.22 a year ago. On a non-GAAP basis, excluding
Arques Technology acquisition costs and employee stock-based
compensation expenses, and using a cash basis tax rate, diluted EPS
was within guidance at $0.02. The company noted that both its GAAP
and non-GAAP earnings were reduced by $0.01 per share as the result
of writing off receivables from a distributor that had encountered
financial difficulties. Fiscal 2007 revenue was $68.0 million
compared to the record $70.2 million posted a year ago. On a GAAP
basis, the company reported a loss of $0.01 per share compared to
diluted EPS of $0.44 a year ago. Non-GAAP diluted EPS was $0.24,
excluding Arques Technology acquisition costs and employee
stock-based compensation expenses, and using a cash basis tax rate,
compared to $0.32 a year ago. "In fiscal 2007 we were successful in
sustaining profitability, on a non- GAAP basis, for the fourth year
in a row even though, as a result of intense competitive pressures
in the mobile handset protection market, revenue did not increase,
for the first time in five years, declining three percent," said
Robert V. Dickinson, president and chief executive officer. "In
addition, we were able to fund from our cash flow most of the cost
of acquiring Arques Technology and our investment in capacity
expansion at SPEL Semiconductor. We are also very encouraged by the
progress that we have made with our initiatives to counter
competitive inroads and with our investments in the two new product
lines we introduced during fiscal 2007." Dickinson noted the
following tangible signs of progress in Q4 and fiscal 2007: -- 446
design wins in Q4 including the first for new serial interface
display controller from a top five mobile handset manufacturer --
1,716 design wins in fiscal 2007, setting a new record, up 20% from
a year ago -- 61% growth of low capacitance ESD revenue,
representing 13% of fiscal 2007 total -- Introduction of second
generation MediaGuard(TM) port protection devices -- Sales of
packaged mobile handset protection devices exceeding 25% of total
for the year and 50% in Q4 -- Expansion of leadership Praetorian
line of EMI filters with most compact footprint for mobile handsets
-- Introduction of serial interface display controller for mobile
handsets and initial design wins -- Acquisition of Arques
Technology strengthening analog design team and LED driver
portfolio -- Introduction of LED drivers for mobile handsets
featuring breakthrough Flexboost(TM) technology and industry's
smallest flash LED driver -- Joint investment with SPEL
Semiconductor to expand assembly and test capacity for packaged
devices Providing guidance, Dickinson said, "We expect June quarter
revenue to be between $14.0 and $17.0 million with diluted EPS of
between ($0.06) and ($0.01) on a GAAP basis and between ($0.02) and
$0.02 on a non-GAAP basis. Despite anticipating weaker demand from
one top tier customer, we expect mobile handset protection revenue
during the June quarter to be moderately down to moderately up due
to increasing demand from other customers. In addition, we expect
digital consumer electronics and personal computer revenue to be
moderately down to modestly up. We continue to expect double-digit
revenue growth for fiscal 2008 as a whole." Conference Call Today
California Micro Devices will hold a conference call today at 2:00
p.m. Pacific Time to discuss its March quarter and fiscal 2007
results. Within the USA, interested parties can access the
conference call by dialing 800-218- 8862. International parties may
gain access by dialing 303-262-2051. No password is necessary. A
replay of the conference call will be available on the company's
web site at http://www.cmd.com/ (Investor Relations Link) beginning
at approximately 4:00 p.m. Pacific Time today and continuing for
one year. About California Micro Devices Corporation California
Micro Devices Corporation is a leading supplier of application
specific analog and mixed signal semiconductor products for the
mobile handset, digital consumer electronics and personal computer
markets. Key products include protection devices for mobile
handsets, digital consumer electronics products such as digital TVs
and personal computers as well as analog and mixed signal ICs for
mobile handset displays. Detailed corporate and product information
may be accessed at http://www.cmd.com/. All statements contained in
this press release that are not historical facts are
forward-looking statements which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. They are not guarantees of future performance or events.
Rather, they are based on current expectations, estimates, beliefs,
assumptions, and goals and objectives and are subject to
uncertainties that are difficult to predict. As a result, our
actual results may differ materially from the statements made.
Often such statements can be identified by their use of words such
as will, intends, expects, plans, believes, anticipates, and
estimates. Forward-looking statements made in this release include
our expected revenues and GAAP and non-GAAP earnings and loss per
share for the 2008 first fiscal quarter and our revenue trend, both
overall and for certain markets, in portions of fiscal 2008. These
forward-looking statements are based upon our assumptions about and
assessment of the future, which may or may not prove true, and
involve a number of risks and uncertainties including, but not
limited to whether our customers experience the demand we
anticipate for their products based in part upon their input and
our order backlog, whether the designed performance of our devices
satisfies our customers' requirements so that they continue to
design our devices into their products, whether our devices perform
to their design specification, whether competitors introduce
devices at lower prices than our devices causing price erosion
and/or loss of market share for us, whether we encounter any
difficulty in obtaining the requisite supply of quality product
from our contract manufacturers, contract assemblers and test
houses without interruption or unanticipated price increases, and
whether we incur unexpected operating expenses as well as the risk
factors detailed in the company's Form 8K, 10K, and 10Q filings
with the Securities and Exchange Commission. Due to these and other
risks, the company's future actual results could differ materially
from those discussed above. These forward-looking statements speak
only as to the date of this release, and, except as required by
law, we undertake no obligation to publicly release updates or
revisions to these statements whether as a result of new
information, future events, or otherwise. In addition to disclosing
financial results calculated in accordance with U.S. generally
accepted accounting principles (GAAP), the company's earnings
release contains non-GAAP financial measures that exclude the
effects of employee share-based compensation and the requirements
of SFAS No. 123R, "Share-based Payment" ("123R"). The non-GAAP
financial measures used by management and disclosed by the company
exclude the income statement effects of all forms of employee
share-based compensation and the effects of 123R upon the number of
diluted shares used in calculating non-GAAP earnings per share. The
non-GAAP financial measures also exclude Arques Technology
acquisition related costs, including amortization of
acquisition-related intangibles and one-time charges for acquired
in-process research and development, and in the future will exclude
any acquisition-related contingent payments. In addition, these
non-GAAP measures utilize a tax rate that is based upon the income
taxes the company expects to actually pay relating to this
quarter's activities and results. The non-GAAP financial measures
disclosed by the company should not be considered a substitute for,
or superior to, financial measures calculated in accordance with
GAAP, and the financial results calculated in accordance with GAAP
and reconciliations to those financial statements should be
carefully evaluated. The non-GAAP financial measures used by the
company may be calculated differently from, and therefore may not
be comparable to, similarly titled measures used by other
companies. Set forth below are reconciliations of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures. For additional information regarding these non-GAAP
financial measures, see the Form 8-K dated May 3, 2007, that the
company has filed with the Securities and Exchange Commission.
California Micro Devices Corporation CONDENSED CONSOLIDATED BALANCE
SHEETS (amounts in thousands, except share data) (Unaudited) March
31, March 31, 2007 2006 ASSETS Current assets: Cash and cash
equivalents $1,908 $9,788 Short-term investments 47,116 39,958
Accounts receivable, net 7,514 10,667 Inventories 5,219 5,508
Deferred income taxes 2,201 2,711 Prepaid expenses and other
current assets 882 1,078 Total current assets 64,840 69,710
Property, plant and equipment, net 4,840 3,961 Goodwill 5,258 --
Purchased intangible assets, net 432 -- Other long-term assets 560
61 TOTAL ASSETS $75,930 $73,732 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $4,654 $5,901 Accrued
liabilities 3,499 3,185 Deferred margin on shipments to
distributors 1,479 2,684 Current maturities of capital lease
obligations 132 82 Total current liabilities 9,764 11,852 Other
long-term liabilities 303 8 Total liabilities 10,067 11,860
Commitments and contingencies Stockholders' equity: Common stock
and additional paid-in capital - $0.001 par value; 50,000,000
shares authorized; shares issued and outstanding: 23,151,103 and
22,855,223 as of March 31, 2007 and March 31, 2006, respectively
114,923 110,673 Accumulated other comprehensive loss -- (5)
Accumulated deficit (49,060) (48,796) Total stockholders' equity
65,863 61,872 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $75,930
$73,732 California Micro Devices Corporation CONDENSED STATEMENTS
OF OPERATIONS (amounts in thousands, except per share data)
(Unaudited) (On a GAAP basis) Three Months Ended Twelve Months
Ended March 31, March 31, 2007 2006 2007 2006 Net sales $15,465
$17,395 $68,006 $70,241 Cost and expenses: Cost of sales 10,394
10,575 43,005 44,068 Research and development 1,839 1,496 7,968
6,817 Selling, general and administrative 4,129 3,546 16,738 13,348
In-process research and development -- -- 2,210 -- Amortization of
purchased intangible assets 41 -- 158 -- Restructuring
expense/(benefit) -- (20) -- 39 Total costs and expenses 16,403
15,597 70,079 64,272 Operating income (loss) (938) 1,798 (2,073)
5,969 Other income, net 629 503 2,432 1,491 Income (loss) before
income taxes (309) 2,301 359 7,460 Income taxes/(benefit) (69)
(2,704) 623 (2,575) Net income (loss) $(240) $5,005 $(264) $10,035
Net income (loss) per share-basic $(0.01) $0.22 $(0.01) $0.45
Weighted average common shares outstanding-basic 23,141 22,802
23,027 22,128 Net income (loss) per share-diluted $(0.01) $0.22
$(0.01) $0.44 Weighted average common shares and share equivalents
outstanding-diluted 23,141 23,031 23,027 22,777 Reconciliation of
net income (loss) to non-GAAP net income (loss): Net income (loss)
$(240) $5,005 $(264) $10,035 Reconciling items: In-process research
and development -- -- 2,210 -- Amortization of purchased intangible
assets 41 -- 158 -- Stock-based compensation expense under SFAS
123(R), net of tax 725 -- 3,071 -- Difference between effective tax
rate and cash basis tax rate (83) (2,711) 449 (2,711) Non-GAAP net
income (loss) $443 $2,294 $5,624 $7,324 Non-GAAP: Net income (loss)
per share-basic $0.02 $0.10 $0.24 $0.33 Net income (loss) per
share-diluted $0.02 $0.10 $0.24 $0.32 Shares used in calculation of
non-GAAP: Weighted average common shares outstanding-basic 23,141
22,802 23,027 22,128 Weighted average common shares and share
equivalents outstanding-diluted 23,315 23,172 23,191 22,812
California Micro Devices Corporation CONDENSED STATEMENTS OF
OPERATIONS (amounts in thousands, except per share data)
(Unaudited) (On a non-GAAP basis) Three Months Ended Twelve Months
Ended March 31, March 31, 2007 2006 2007 2006 Net sales $15,465
$17,395 $68,006 $70,241 Cost and expenses: Cost of sales 10,274
10,575 42,533 44,068 Research and development 1,677 1,496 7,285
6,817 Selling, general and administrative 3,686 3,546 14,822 13,348
Restructuring expense/ (benefit) -- (20) -- 39 Total costs and
expenses 15,637 15,597 64,640 64,272 Operating income (loss) (172)
1,798 3,366 5,969 Other income, net 629 503 2,432 1,491 Income
(loss) before income taxes 457 2,301 5,798 7,460 Income
taxes/(benefit) 14 7 174 136 Net income (loss) $443 $2,294 $5,624
$7,324 Net income (loss) per share-basic $0.02 $0.10 $0.24 $0.33
Weighted average common shares outstanding-basic 23,141 22,802
23,027 22,128 Net income (loss) per share-diluted $0.02 $0.10 $0.24
$0.32 Weighted average common shares and share equivalents
outstanding-diluted 23,315 23,172 23,191 22,812 See accompanying
reconciliation of GAAP measures to non-GAAP measures. California
Micro Devices Corporation RECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES (Unaudited) Net income (loss) Three Months Ended
Twelve Months Ended per share: March 31, March 31, 2007 2006 2007
2006 Basic: GAAP net income (loss) per share $(0.01) $0.22 $(0.01)
$0.45 Reconciling items: In-process research and development -- --
0.09 -- Amortization of purchased intangible assets -- -- 0.01 --
Stock-based compensation expense under SFAS 123(R), net of tax 0.03
-- 0.13 -- Difference between effective tax rate and cash basis tax
rate $-- $(0.12) 0.02 $(0.12) Non-GAAP net income (loss) per share
$0.02 $0.10 $0.24 $0.33 Diluted: GAAP net income (loss) per share
$(0.01) $0.22 $(0.01) $0.44 Reconciling items: In-process research
and development -- -- 0.09 -- Amortization of purchased intangible
assets -- -- 0.01 -- Stock-based compensation expense under SFAS
123(R), net of tax 0.03 -- 0.13 -- Difference between effective tax
rate and cash basis tax rate $-- $(0.12) $0.02 $(0.12) Non-GAAP net
income (loss) per share $0.02 $0.10 $0.24 $0.32 DATASOURCE:
California Micro Devices CONTACT: Kevin Berry, Chief Financial
Officer, +1-408-934-3144, or Web site: http://www.cmd.com/
Copyright
California Micro Devices Corp. (MM) (NASDAQ:CAMD)
Historical Stock Chart
From Jun 2024 to Jul 2024
California Micro Devices Corp. (MM) (NASDAQ:CAMD)
Historical Stock Chart
From Jul 2023 to Jul 2024